PayPay Acquires 40% Stake in Binance Japan Integrating Cryptocurrency

SoftBank Group's PayPay has formed a strategic partnership by acquiring a 40% stake in Binance Japan. This agreement aims to integrate cashless payments with access to cryptocurrency.

With PayPay's 70 million users, they will now have the opportunity to buy, sell, and store digital assets through Binance Japan. Users will be able to conduct cryptocurrency purchases by integrating their PayPay Money wallets with Binance Japan and withdraw funds from their wallets.

This move comes amid increasing cryptocurrency adoption in Japan. Many public companies in the country are reported to hold Bitcoin reserves. One of the largest, Metaplanet, currently holds 30,823 Bitcoins. Additionally, it has been reported that a Japanese initiative called JPYC plans to launch the first stablecoin pegged to the Japanese Yen within this year.

Binance Japan CEO Takeshi Chino stated in a press release, "This strategic partnership represents an important step for the future of digital finance in Japan." He expressed their belief that the combination of PayPay’s extensive user base and Binance’s innovative technology will make Web3 more accessible.